How to Perform a SWOT Analysis in Company Operations

Are you looking for a way to create the right business strategy? SWOT analysis can be the answer to support the making of a business strategy based on the facts on the ground.

You can use SWOT (strength, weakness, opportunity, threat) to evaluate various things, including your organization, team, product, and even your competitors. This technique can be used in various types of businesses.

With SWOT analysis, business planning can be designed more mature and directed, especially in facing business challenges in the future. SWOT analysis helps identify opportunities, potential, and improvements that may be made in the future.

So, what does a SWOT analysis mean? How can you implement it in your company? The following is an understandable explanation for the company's operational needs below!

What is a SWOT Analysis?

SWOT analysis is a technique/tool ​​that can be used in business to evaluate specific things so that you can make the right decisions. In SWOT, internal and external factors that exist in your business will be seen thoroughly.

SWOT stands for strength (strength), weakness (weakness), opportunity (opportunity), and threat (threat). Strengths and weaknesses are internal factors that will be assessed from within your business.

In addition, opportunities and threats are part of external factors that exist outside your business. External factors are also assessed whether or not your efforts can be controlled. Let's look at each aspect of the SWOT analysis below.

1. Strength

Strength analysis can be measured by the things that are going well in the business. Both in terms of products, staff, and even customer service.

Analyzing your business strengths helps identify your competitive advantage.

The following questions can help you identify business strengths:

• What achievements have been made?
• What resources do you have?

2. Weaknesses

Weakness analysis in SWOT is a way to find out things that are underperforming or not working well internally. This can be a reference to improve your business. To find out your weaknesses, you can start with the following questions:

• What aspects of your business are not going well?
• What resources are needed to fix it?

3. Opportunity

When analyzing opportunities, you can judge them from external factors that can support growth and increase your business profits.

Opportunities can also be assessed by combining the strengths and weaknesses that have been analyzed previously. You can start an opportunity analysis with the following questions:

• What products or services are popular in your target market?
• Can current economic trends benefit your business?

4. Threat (Threat)

Threat analysis is a way to identify external factors that can hinder a business. In general, this threat cannot be fully controlled by business owners.

Thus, business owners can carry out mitigation or damage control plans to deal with this threat. The following questions can you to identify the threat:

• What are the current macro and micro economic conditions?
• Have consumer needs for your products and services shifted?

How to Do a SWOT Analysis?

SWOT analysis can be done in various ways, using either a matrix or a table. In order to plan a more mature business strategy, use the steps below to maximize the results of your business SWOT analysis:

1. Specific and Clear Objectives of Business Analysis

What is your reason for doing a SWOT analysis? Is it to increase sales in the next quarter? Assessing a product to be launched or determining the right team composition?

The more specific and measurable, the SWOT analysis will provide more new insights that have not been identified so far.

2. Work with Team

Invite your team members to discuss and analyze SWOT together. This can bring more comprehensive and precise information into the SWOT framework.

Team discussions are an effective way to brainstorm fresh ideas and innovations that are useful for business strategic plans. However, too many people can make a SWOT discussion ineffective, limit the number of participants. In general, a productive discussion session can be attended by ten participants or less.

3. Rate New Ideas

Once the SWOT analysis is complete and generating fresh ideas for the strategic business plan, invite your team and company leaders to provide value.

You can use a rating range from one to ten to find out which ideas have the most impact on execution. This process also assesses the capabilities of the team and company leaders to implement it.

To optimize rational problem solving efforts, company executives can join Prasmul Eli's Strategic Business Analysis program. If this can be overcome, company executives are expected to be able to anticipate the occurrence of crucial situations to decide effective interests.